Money Transferring Increases In Vietnam
Money transfers can help families and businesses separated by thousands of miles to stay financially connected. Both businesses and individuals can benefit from the remittance process — the primary way to send money to other countries outside the United States. Lucky Money provides money transfers to India and other countries in Asia, such as Vietnam. We recently read a report that revealed that the Vietnam remittance industry is expected to reach $5 billion in 2014. That’s an increase of about $1 billion from last year!
Who is sending all this money? Mostly, people send money to Vietnam from the United States, Europe, and Asia (South Korea, China, and Japan). The United States and Europe contribute the lion’s share of remittance money, but remittances from Asia have shown a marked increase over the last few years. In fact, Asian remittances accounts for 5.2% of the total figure, which is 3% higher than last year.
Reports say that 74.2% of the remittances have been directed to manufacturing, 21.8% to housing, and 4% to supporting family members. While most of the money gets siphoned to manufacturing and housing, the remittance industry helps families across the world stay connected and solvent.
The Tet Holiday celebration in Vietnam often coincides with a spike in the number of people who send money to relatives in the country. This spike accounts for 30%–35% of the money-sending activity of the whole year. Sending money to family in anticipation of the holiday helps families to stay connected across long distances.
Send Money to Vietnam in Minutes!
Do you need to send money to your family (or to business interests) in Vietnam? Lucky Money can help facilitate the transaction safely and quickly. To learn more about the remittance process, visit us at luckymoney.com.